suppose you purchase a home for $150,000.and obtain a 90% mortgage loan, 30 yr. maturity, at a fixed annual interest rate of 80% with deferred monthly payments. What is the monthly payment for principal and interest on this loan?

Answer 1

Whoa! I think your 80% interest rate is wrong. Please recheck your figures.

Answer 2

sorry it is supposed to be 8.0% fixed interest rate.

Answer 3

Ahh -- that's better. :-)

First you need to find the amount of the mortgage by multiplying $150,000 by .9.

Your teacher may want you to use a mathematical formula to calculate the monthly payments. But you can check your work by plugging your numbers into this site.

http://www.bankrate.com/brm/mortgage-calculator.asp

Answer 4

$29678